Skip to content
Search

Latest Stories

Eurozone Witnesses Sluggish Economic Growth in August: PMI Data

Eurozone economy continued to grow in August 2018 albeit with the rate of expansion remaining one of the weakest seen over the past year-and-a-half.

Companies’ expectations of future growth meanwhile slipped to the lowest for nearly two years, said IHS Markit Eurozone Composite Purchasing Managers Index (PMI) in its latest data released on Thursday (23).


The IHS Markit Eurozone Composite PMI edged higher from 54.3 in July to 54.4 in August, according to the flash reading. The rise signalled a marginal acceleration of output growth during the month. However, the increase in output was the third-weakest since January 2017 and markedly lower than the expansions seen earlier in the year.

Although growth rates improved slightly in manufacturing and services, both remained among the weakest seen for at least one-and-a-half years. Similarly, new order growth picked up marginally in both sectors but, measured overall, was nevertheless the third-weakest since December 2016.

Meanwhile, Eurozone employment growth hit a six-month high, once again running close to survey record rates. However, while service sector jobs growth struck the highest since October 2007, factory payroll growth slipped to a 17-month low.

Future expectations of business activity meanwhile deteriorated to a 23-month low, slumping to a 34-month low in manufacturing and a 21-month low in the service sector. Optimism was subdued by recent signs of cooling demand, higher prices, and rising political concerns.

The flash surveys also found price pressures to have remained elevated as higher wages were seen in some countries, alongside increased fuel, transport and commodity prices. However, although input cost and selling price inflation rates remained among the highest seen over the past seven years, both cooled to three-month lows.

Output price inflation eased in both manufacturing and services. Within the eurozone, growth accelerated in France and Germany but slowed across the rest of the single-currency area.

The rate of growth of Germany’s private sector economy accelerated to the fastest since February, suggesting the third quarter will see growth accelerate from the second quarter. Employment growth held close to record highs in Germany, but slower backlog accumulation hints at the pace of job creation cooling in coming months.

France also saw growth perk up, hitting a four-month high as the pace of expansion lifted higher in both manufacturing and services.

Elsewhere in the Eurozone, output and new order growth rates weakened to 22-month lows, with future expectations hitting a five-year low.

More For You

Birmingham-stabbing

A 16-year-old boy was stabbed on Saturday afternoon in Bordesley Green. (Photo: X/@MarioNawfal)

Stabbings on the rise as Birmingham residents protest attack on teen

A RISE in stabbing incidents across the country has raised concerns, with another attack in Birmingham prompting a protest by local residents.

A 16-year-old boy was stabbed on Saturday afternoon in Bordesley Green. West Midlands Police said he was attacked at about 15:30 GMT and was taken to hospital with serious injuries. He is now in stable condition.

Keep ReadingShow less
Indian court sentences man to life for rape, murder of Irish woman
McLaughlin, 28, from County Donegal, was found dead in a field in Goa in March 2017. (Photo credit: Twitter)

Indian court sentences man to life for rape, murder of Irish woman

A COURT in India’s Goa state has sentenced a 31-year-old man to life in prison for the rape and murder of an Irish woman in 2017. The verdict was delivered on Monday, nearly eight years after the crime.

The body of 28-year-old Danielle McLaughlin was found in March 2017 on a beach popular with tourists. An autopsy confirmed that cerebral damage and constriction of the neck caused her death.

Keep ReadingShow less
Michael O’Sullivan

Over his career, Michael O’Sullivan rode 95 winners in Ireland and Britain, including 14 in Ireland and two in Britain this season. (Photo: X/@irishracing)

Irish jockey Michael O’Sullivan dies after fall at Thurles

IRISH jockey Michael O’Sullivan has died after sustaining injuries in a fall at Thurles, Ireland, on 6 February. The 24-year-old had been in an induced coma in intensive care at Cork University Hospital since the incident.

The Irish Horseracing Regulatory Board’s (IHRB) chief medical officer, Dr Jennifer Pugh, confirmed his passing early Sunday morning, BBC reported.

Keep ReadingShow less
Rizwana Bokhari

Rizwana Bokhari passed away on 10 February 2025, at the age of 73.

Hundreds attend funeral of Rizwana Bokhari in London

OVER 700 people attended the funeral of Rizwana Bokhari at Balham Mosque, the oldest mosque in South London, on Friday, 14 February.

Mourners included faith leaders from across the UK, international guests from America and Asia, and political figures.

Keep ReadingShow less
new-delhi-railway-station-reuters

People, including pilgrims on their way to attend the Maha Kumbh Mela, gather at the New Delhi Railway Station to board a train on February 15. (Photo: Reuters)

18 killed in stampede at railway station in Delhi

AT LEAST 18 people died in a stampede at a railway station in Delhi late on Saturday as large crowds rushed to board trains heading to the Maha Kumbh Mela, officials and reports said.

The Kumbh Mela, held every 12 years in Prayagraj, attracts tens of millions of Hindu devotees and has seen several crowd-related incidents. Last month, at least 30 people died in a stampede at the confluence of the Ganges, Yamuna, and the mythical Saraswati rivers.

Keep ReadingShow less